President John Dramani Mahama has called on African governments to pursue bold economic reforms that drive development and strengthen the safety and welfare of citizens continent-wide.
He maintained that political independence and democratic credentials ring hollow without intentional policies that transform economies, create jobs, and ensure sustainable livelihoods for citizens.
In a Facebook post on Thursday, January 29, 2026, President Mahama said he used the 2026 Africa Trade Summit in Accra to reiterate the urgency of economic reform as a key driver of Africa’s development. The summit also coincided with an official visit to Ghana by the President of São Tomé and Príncipe, Carlos Manuel Vila Nova.
“The summit offered an opportunity to emphasise the pressing need for African governments to adopt reforms that directly drive development and guarantee the safety and well-being of our people,” he stated.
President Mahama stated that political freedom without economic transformation is incomplete, emphasising that Africa must move past lofty rhetoric toward practical strategies that drive industrial growth, value addition, and job creation.
On industrialisation, he noted that while it is critical to economic progress, it remains highly capital-intensive and is often hampered by limited access to long-term, affordable financing—especially for small and medium-sized enterprises (SMEs), which employ the majority of Africa’s industrial workforce.
“Industrialisation is capital-intensive, yet access to long-term, affordable finance remains limited, especially for small and medium-sized enterprises,” he noted.
To address this gap, the President called for a renewed approach to domestic resource mobilisation, urging African countries to direct funds from pension schemes, insurance companies, and sovereign wealth funds into productive sectors of the economy.
“We must begin to re-direct pension funds, insurance assets and sovereign wealth funds—worth hundreds of billions of dollars—into productive ventures through the right instruments, such as industrial bonds, infrastructure funds and diaspora financing,” he added.
President Mahama said the use of such innovative financing mechanisms would unlock vital capital for industrial expansion, strengthen intra-African trade, and fast-track the continent’s economic transformation.
He expressed optimism that enhanced cooperation, alongside bold reforms and innovative financing solutions, would set Africa on a course toward inclusive growth and sustainable long-term prosperity.
